PHYD vs. IBIC

Last updated Jun 23, 2026

PHYD (Putnam ESG High Yield ETF -) and IBIC (iShares iBonds Oct 2026 Term TIPS ETF) are both exchange-traded funds - PHYD is a High Yield Bonds fund actively managed by Putnam, while IBIC is a Inflation-Protected Bonds fund tracking the ICE 2026 Maturity US Inflation-Linked Treasury Index. PHYD is actively managed, while IBIC is passively managed. Over the past year, PHYD returned 7.44% vs 4.38% for IBIC. At a 0.14 correlation, their price movements are largely independent. PHYD charges 0.55%/yr vs 0.10%/yr for IBIC.

Performance

PHYD vs. IBIC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam ESG High Yield ETF - (PHYD) and iShares iBonds Oct 2026 Term TIPS ETF (IBIC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with PHYD having a 2.32% return and IBIC slightly higher at 2.39%.

PHYD

• 1D: 0.17%
• 1M: -0.19%
• YTD: 2.32%
• 6M: 2.60%
• 1Y: 7.44%
• 3Y*: 8.72%
• 5Y*: —
• 10Y*: —

IBIC

• 1D: 0.06%
• 1M: 0.08%
• YTD: 2.39%
• 6M: 2.49%
• 1Y: 4.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

PHYD vs. IBIC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PHYD Putnam ESG High Yield ETF -	2.32%	8.84%	7.35%	5.64%
IBIC iShares iBonds Oct 2026 Term TIPS ETF	2.39%	4.96%	5.25%	2.17%

Correlation

The correlation between PHYD and IBIC is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.09
Correlation (All Time) Calculated using the full available price history since Sep 15, 2023	0.14

The correlation between PHYD and IBIC shifts across timeframes, from -0.09 (1 year) to 0.14 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PHYD vs. IBIC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PHYD

PHYD Risk / Return Rank: 78
PHYD Sharpe Ratio Rank: 74
PHYD Sortino Ratio Rank: 85
PHYD Omega Ratio Rank: 81
PHYD Calmar Ratio Rank: 74
PHYD Martin Ratio Rank: 78

IBIC

IBIC Risk / Return Rank: 98
IBIC Sharpe Ratio Rank: 98
IBIC Sortino Ratio Rank: 98
IBIC Omega Ratio Rank: 98
IBIC Calmar Ratio Rank: 98
IBIC Martin Ratio Rank: 98

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PHYD vs. IBIC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam ESG High Yield ETF - (PHYD) and iShares iBonds Oct 2026 Term TIPS ETF (IBIC). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	PHYD	IBIC	Difference
Sharpe ratio: Return per unit of total volatility	2.28	4.94	-2.66
Sortino ratio: Return per unit of downside risk	3.62	8.90	-5.28
Omega ratio: Gain probability vs. loss probability	1.46	2.21	-0.75
Calmar ratio: Return relative to maximum drawdown	3.66	16.41	-12.76
Martin ratio: Return relative to average drawdown	14.79	58.11	-43.32

PHYD vs. IBIC - Sharpe Ratio Comparison

The current PHYD Sharpe Ratio is 2.28, which is lower than the IBIC Sharpe Ratio of 4.94. The chart below compares the historical Sharpe Ratios of PHYD and IBIC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PHYD vs. IBIC - Drawdown Comparison

The maximum PHYD drawdown since its inception was -4.33%, which is greater than IBIC's maximum drawdown of -0.90%. Use the drawdown chart below to compare losses from any high point for PHYD and IBIC.

Drawdown Indicators

	PHYD	IBIC	Difference
Max Drawdown Largest peak-to-trough decline	-4.33%	-0.90%	-3.43%
Max Drawdown (1Y) Largest decline over 1 year	-2.10%	-0.27%	-1.83%
Max Drawdown (3Y) Largest decline over 3 years	-4.14%	—	—
Current Drawdown Current decline from peak	-0.79%	-0.11%	-0.68%
Average Drawdown Average peak-to-trough decline	-0.62%	-0.10%	-0.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.52%	0.08%	+0.44%

Volatility

PHYD vs. IBIC - Volatility Comparison

Putnam ESG High Yield ETF - (PHYD) has a higher volatility of 1.07% compared to iShares iBonds Oct 2026 Term TIPS ETF (IBIC) at 0.16%. This indicates that PHYD's price experiences larger fluctuations and is considered to be riskier than IBIC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PHYD	IBIC	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.07%	0.16%	+0.91%
Volatility (6M) Calculated over the trailing 6-month period	2.57%	0.67%	+1.90%
Volatility (1Y) Calculated over the trailing 1-year period	3.36%	0.89%	+2.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.58%	1.57%	+3.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.58%	1.57%	+3.01%

PHYD vs. IBIC - Expense Ratio Comparison

PHYD has a 0.55% expense ratio, which is higher than IBIC's 0.10% expense ratio.

Dividends

PHYD vs. IBIC - Dividend Comparison

PHYD's dividend yield for the trailing twelve months is around 9.04%, more than IBIC's 3.59% yield.

Position	TTM	2025	2024	2023
IBIC iShares iBonds Oct 2026 Term TIPS ETF	3.59%	4.43%	4.65%	0.83%
PHYD Putnam ESG High Yield ETF -	9.04%	6.63%	6.80%	6.15%

Frequently Asked Questions

Can I hold both PHYD and IBIC in my portfolio?

PHYD and IBIC have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PHYD or IBIC?

PHYD has higher volatility (1.07%) compared to IBIC (0.16%). In terms of maximum drawdown, PHYD dropped -4.33% vs IBIC's -0.90%.

Which ETF is better, PHYD or IBIC?

On 1-year performance, PHYD leads with 7.44% vs 4.38% for IBIC. On fees, IBIC is cheaper at 0.10% per year. On volatility, IBIC has been the lower-risk option at 0.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PHYD or IBIC?

Over the 1-year period, PHYD has performed better with a 7.44% return vs 4.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PHYD or IBIC?

IBIC is cheaper with a 0.10% expense ratio, compared with 0.55% for PHYD.

Which ETF pays a higher dividend yield, PHYD or IBIC?

PHYD has the higher dividend yield at 9.04%, compared with 3.59% for IBIC.

What is the main difference between PHYD and IBIC?

PHYD is categorized as High Yield Bonds, while IBIC is Inflation-Protected Bonds. They also come from different issuers: Putnam and iShares. Their fees differ too: 0.55% for PHYD and 0.10% for IBIC.

Which has better risk-adjusted returns?

IBIC currently has the higher Sharpe Ratio (4.94 vs 2.28), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.